First time homeowners often make these 3 mistakes costing them valuable time and money. Many homeowners believe that you can worry about maintenance costs later. I’ve learned that you should make room in your budget from home maintenance from the get-go. Even if you have bought new construction every home will need a bit of work to get it move in ready. Add an additional 1-4% of the home’s actual value to cover maintenance each year. Some costs homeowners forget about are changing the filters on the HVAC (Every 30-60 Days), Cleaning out the septic tank (every 3-5 years), cleaning the swimming pool (quarterly), regular fireplace cleaning, replacing smoke and carbon monoxide detectors, and sprinkler winterization and turn on, to name a few.
The second common mistake is buying and furnishing the entire house before you move in. Take some time to live in the house before you begin decorating, this allows you to get a feel of how you will use it. One exception due to the current shipping and supply issues would be ordering your bed and at least one place to sit as soon as possible if you don’t already have it.
The third mistake first time homeowners make is assuming all home improvement projects add value. Some projects can bring a high price point when you are ready to resell, but others may hurt your chances. If you are thinking of adding an additional bathroom, go for it. It won’t only make your life easier, but it will also add value. Where do you get the biggest return? Replacing the front door and garage doors according to Zillow’s Home Improvement Projects ROI. Any improvements you make however, should be in line with the market value and location of your home. Luxury upgrades may add value in an upscale neighborhood but won’t bring as much of a return in a median home in a less affluent location.